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CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | 3 Months Ended
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Mar. 31, 2012
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS [Abstract] |
CONDENSED CONSOLIDATING FINANCIAL STATEMENTS | CONDENSED CONSOLIDATING FINANCIAL STATEMENTS NuStar Energy has no operations and its assets consist mainly of its investments in NuStar Logistics and NuPOP, both wholly owned subsidiaries. The senior notes issued by NuStar Logistics and NuPOP are fully and unconditionally guaranteed by NuStar Energy, and each of NuStar Logistics and NuPOP fully and unconditionally guarantee the outstanding senior notes of the other. As a result, the following condensed consolidating financial statements are presented as an alternative to providing separate financial statements for NuStar Logistics and NuPOP. Condensed Consolidating Balance Sheets March 31, 2012 (Thousands of Dollars)
| NuStar Energy |  | NuStar Logistics |  | NuPOP |  | Non-Guarantor Subsidiaries (a) |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 135 |  |  | $ | 20 |  |  | $ | — |  |  | $ | 37,541 |  |  | $ | — |  |  | $ | 37,696 |
Receivables, net | 16 |  |  | 41,794 |  |  | 8,819 |  |  | 464,700 |  |  | (19,347 | ) |  | 495,982 |
Inventories | — |  |  | 2,692 |  |  | 4,891 |  |  | 766,485 |  |  | (60 | ) |  | 774,008 |
Income tax receivable | — |  |  | — |  |  | — |  |  | 9,221 |  |  | — |  |  | 9,221 |
Other current assets | — |  |  | 6,975 |  |  | 1,811 |  |  | 42,703 |  |  | — |  |  | 51,489 |
Intercompany receivable | — |  |  | 1,205,898 |  |  | 541,121 |  |  | — |  |  | (1,747,019 | ) |  | — |
Total current assets | 151 |  |  | 1,257,379 |  |  | 556,642 |  |  | 1,320,650 |  |  | (1,766,426 | ) |  | 1,368,396 |
Property, plant and equipment, net | — |  |  | 1,210,755 |  |  | 591,803 |  |  | 1,697,071 |  |  | — |  |  | 3,499,629 |
Intangible assets, net | — |  |  | 1,954 |  |  | — |  |  | 34,946 |  |  | — |  |  | 36,900 |
Goodwill | — |  |  | 18,094 |  |  | 170,652 |  |  | 660,294 |  |  | — |  |  | 849,040 |
Investment in wholly owned subsidiaries | 3,323,880 |  |  | 195,342 |  |  | 1,185,526 |  |  | 2,252,840 |  |  | (6,957,588 | ) |  | — |
Investment in joint venture | — |  |  | — |  |  | — |  |  | 69,073 |  |  | — |  |  | 69,073 |
Deferred income tax asset | — |  |  | — |  |  | — |  |  | 10,479 |  |  | — |  |  | 10,479 |
Other long-term assets, net | 461 |  |  | 173,874 |  |  | 26,329 |  |  | 49,247 |  |  | — |  |  | 249,911 |
Total assets | $ | 3,324,492 |  |  | $ | 2,857,398 |  |  | $ | 2,530,952 |  |  | $ | 6,094,600 |  |  | $ | (8,724,014 | ) |  | $ | 6,083,428 |
Liabilities and Partners’ Equity |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt | $ | — |  |  | $ | 797,791 |  |  | $ | — |  |  | $ | 33,583 |  |  | $ | — |  |  | $ | 831,374 |
Payables | 88 |  |  | 34,702 |  |  | 13,400 |  |  | 514,845 |  |  | (19,347 | ) |  | 543,688 |
Accrued interest payable | — |  |  | 19,374 |  |  | 4,896 |  |  | 13 |  |  | — |  |  | 24,283 |
Accrued liabilities | 653 |  |  | 17,187 |  |  | 3,653 |  |  | 54,218 |  |  | — |  |  | 75,711 |
Taxes other than income tax | 188 |  |  | 4,847 |  |  | 3,347 |  |  | 4,632 |  |  | — |  |  | 13,014 |
Income tax payable | — |  |  | 442 |  |  | 8 |  |  | 4,170 |  |  | — |  |  | 4,620 |
Intercompany payable | 506,949 |  |  | — |  |  | — |  |  | 1,240,070 |  |  | (1,747,019 | ) |  | — |
Total current liabilities | 507,878 |  |  | 874,343 |  |  | 25,304 |  |  | 1,851,531 |  |  | (1,766,366 | ) |  | 1,492,690 |
Long-term debt, less current portion | — |  |  | 1,437,397 |  |  | 252,641 |  |  | — |  |  | — |  |  | 1,690,038 |
Long-term payable to related party | — |  |  | 7,203 |  |  | — |  |  | 6,469 |  |  | — |  |  | 13,672 |
Deferred income tax liability | — |  |  | — |  |  | — |  |  | 36,670 |  |  | — |  |  | 36,670 |
Other long-term liabilities | — |  |  | 14,189 |  |  | 198 |  |  | 71,753 |  |  | — |  |  | 86,140 |
Total partners’ equity | 2,816,614 |  |  | 524,266 |  |  | 2,252,809 |  |  | 4,128,177 |  |  | (6,957,648 | ) |  | 2,764,218 |
Total liabilities and partners’ equity | $ | 3,324,492 |  |  | $ | 2,857,398 |  |  | $ | 2,530,952 |  |  | $ | 6,094,600 |  |  | $ | (8,724,014 | ) |  | $ | 6,083,428 |
(a) | Non-guarantor subsidiaries are wholly owned by NuStar Energy, NuStar Logistics or NuPOP.
Condensed Consolidating Balance Sheets December 31, 2011 (Thousands of Dollars)
| NuStar Energy |  | NuStar Logistics |  | NuPOP |  | Non-Guarantor Subsidiaries (a) |  | Eliminations |  | Consolidated
Assets |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 139 |  |  | $ | 14 |  |  | $ | — |  |  | $ | 17,344 |  |  | $ | — |  |  | $ | 17,497 |
Receivables, net | — |  |  | 27,533 |  |  | 6,877 |  |  | 514,477 |  |  | (1,079 | ) |  | 547,808 |
Inventories | — |  |  | 2,311 |  |  | 6,370 |  |  | 579,152 |  |  | (48 | ) |  | 587,785 |
Income tax receivable | — |  |  | — |  |  | — |  |  | 4,148 |  |  | — |  |  | 4,148 |
Other current assets | — |  |  | 9,796 |  |  | 2,423 |  |  | 31,466 |  |  | — |  |  | 43,685 |
Intercompany receivable | — |  |  | 893,268 |  |  | 780,066 |  |  | — |  |  | (1,673,334 | ) |  | — |
Total current assets | 139 |  |  | 932,922 |  |  | 795,736 |  |  | 1,146,587 |  |  | (1,674,461 | ) |  | 1,200,923 |
Property, plant and equipment, net | — |  |  | 1,150,318 |  |  | 596,229 |  |  | 1,683,921 |  |  | — |  |  | 3,430,468 |
Intangible assets, net | — |  |  | 1,966 |  |  | — |  |  | 36,957 |  |  | — |  |  | 38,923 |
Goodwill | — |  |  | 18,094 |  |  | 170,652 |  |  | 657,971 |  |  | — |  |  | 846,717 |
Investment in wholly owned subsidiaries | 3,386,170 |  |  | 220,513 |  |  | 1,159,620 |  |  | 2,216,792 |  |  | (6,983,095 | ) |  | — |
Investment in joint venture | — |  |  | — |  |  | — |  |  | 66,687 |  |  | — |  |  | 66,687 |
Deferred income tax asset | — |  |  | — |  |  | — |  |  | 9,141 |  |  | — |  |  | 9,141 |
Other long-term assets, net | 364 |  |  | 192,007 |  |  | 26,329 |  |  | 69,631 |  |  | — |  |  | 288,331 |
Total assets | $ | 3,386,673 |  |  | $ | 2,515,820 |  |  | $ | 2,748,566 |  |  | $ | 5,887,687 |  |  | $ | (8,657,556 | ) |  | $ | 5,881,190 |
Liabilities and Partners’ Equity |  |  |  |  |  |  |  |  |  |  |
Current portion of long-term debt | $ | — |  |  | $ | 331,317 |  |  | $ | 1,060 |  |  | $ | 32,582 |  |  | $ | — |  |  | $ | 364,959 |
Payables | — |  |  | 32,590 |  |  | 11,512 |  |  | 418,038 |  |  | (1,079 | ) |  | 461,061 |
Accrued interest payable | — |  |  | 21,332 |  |  | 8,489 |  |  | 12 |  |  | — |  |  | 29,833 |
Accrued liabilities | 829 |  |  | 42,788 |  |  | 4,661 |  |  | 22,992 |  |  | — |  |  | 71,270 |
Taxes other than income tax | 125 |  |  | 5,661 |  |  | 2,678 |  |  | 4,991 |  |  | — |  |  | 13,455 |
Income tax payable | — |  |  | 352 |  |  | 7 |  |  | 2,863 |  |  | — |  |  | 3,222 |
Intercompany payable | 506,111 |  |  | — |  |  | — |  |  | 1,167,223 |  |  | (1,673,334 | ) |  | — |
Total current liabilities | 507,065 |  |  | 434,040 |  |  | 28,407 |  |  | 1,648,701 |  |  | (1,674,413 | ) |  | 943,800 |
Long-term debt, less current portion | — |  |  | 1,424,891 |  |  | 503,180 |  |  | — |  |  | — |  |  | 1,928,071 |
Long-term payable to related party | — |  |  | 8,027 |  |  | — |  |  | 6,475 |  |  | — |  |  | 14,502 |
Deferred income tax liability | — |  |  | — |  |  | — |  |  | 35,437 |  |  | — |  |  | 35,437 |
Other long-term liabilities | — |  |  | 29,939 |  |  | 220 |  |  | 64,886 |  |  | — |  |  | 95,045 |
Total partners’ equity | 2,879,608 |  |  | 618,923 |  |  | 2,216,759 |  |  | 4,132,188 |  |  | (6,983,143 | ) |  | 2,864,335 |
Total liabilities and partners’ equity | $ | 3,386,673 |  |  | $ | 2,515,820 |  |  | $ | 2,748,566 |  |  | $ | 5,887,687 |  |  | $ | (8,657,556 | ) |  | $ | 5,881,190 |
(a) | Non-guarantor subsidiaries are wholly owned by NuStar Energy, NuStar Logistics or NuPOP.
Condensed Consolidating Statements of Comprehensive Income For the Three Months Ended March 31, 2012 (Thousands of Dollars)
| NuStar Energy |  | NuStar Logistics |  | NuPOP |  | Non-Guarantor Subsidiaries (a) |  | Eliminations |  | Consolidated
Revenues | $ | — |  |  | $ | 80,221 |  |  | $ | 49,092 |  |  | $ | 1,612,603 |  |  | $ | (6,224 | ) |  | $ | 1,735,692 |
Costs and expenses | 435 |  |  | 46,374 |  |  | 34,957 |  |  | 1,611,826 |  |  | (6,221 | ) |  | 1,687,371 |
Operating (loss) income | (435 | ) |  | 33,847 |  |  | 14,135 |  |  | 777 |  |  | (3 | ) |  | 48,321 |
Equity in earnings of subsidiaries | 26,786 |  |  | (25,171 | ) |  | 25,905 |  |  | 36,057 |  |  | (63,577 | ) |  | — |
Equity in earnings of joint venture | — |  |  | — |  |  | — |  |  | 2,386 |  |  | — |  |  | 2,386 |
Interest expense, net | — |  |  | (18,078 | ) |  | (4,171 | ) |  | (101 | ) |  | — |  |  | (22,350 | )
Other income, net | — |  |  | 189 |  |  | 182 |  |  | 997 |  |  | — |  |  | 1,368 |
Income (loss) before income tax expense | 26,351 |  |  | (9,213 | ) |  | 36,051 |  |  | 40,116 |  |  | (63,580 | ) |  | 29,725 |
Income tax expense | — |  |  | 90 |  |  | 2 |  |  | 3,379 |  |  | — |  |  | 3,471 |
Net income (loss) | 26,351 |  |  | (9,303 | ) |  | 36,049 |  |  | 36,737 |  |  | (63,580 | ) |  | 26,254 |
Less net loss attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | (97 | ) |  | — |  |  | (97 | )
Net income (loss) attributable to NuStar Energy L.P. | $ | 26,351 |  |  | $ | (9,303 | ) |  | $ | 36,049 |  |  | $ | 36,834 |  |  | $ | (63,580 | ) |  | $ | 26,351 |
Comprehensive income (loss) | $ | 26,351 |  |  | $ | (5,582 | ) |  | $ | 36,049 |  |  | $ | (4,010 | ) |  | $ | (63,580 | ) |  | $ | (10,772 | )
Less comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | 1,022 |  |  | — |  |  | 1,022 |
Comprehensive income (loss) attributable to NuStar Energy L.P. | $ | 26,351 |  |  | $ | (5,582 | ) |  | $ | 36,049 |  |  | $ | (5,032 | ) |  | $ | (63,580 | ) |  | $ | (11,794 | )
(a) | Non-guarantor subsidiaries are wholly owned by NuStar Energy, NuStar Logistics or NuPOP.
Condensed Consolidating Statements of Comprehensive Income For the Three Months Ended March 31, 2011 (Thousands of Dollars)
| NuStar Energy |  | NuStar Logistics |  | NuPOP |  | Non-Guarantor Subsidiaries (a) |  | Eliminations |  | Consolidated
Revenues | $ | — |  |  | $ | 66,158 |  |  | $ | 50,347 |  |  | $ | 1,130,306 |  |  | $ | (12,195 | ) |  | $ | 1,234,616 |
Costs and expenses | 415 |  |  | 43,272 |  |  | 35,973 |  |  | 1,111,869 |  |  | (12,644 | ) |  | 1,178,885 |
Operating (loss) income | (415 | ) |  | 22,886 |  |  | 14,374 |  |  | 18,437 |  |  | 449 |  |  | 55,731 |
Equity in earnings of subsidiaries | 28,917 |  |  | (16,990 | ) |  | 28,520 |  |  | 48,545 |  |  | (88,992 | ) |  | — |
Equity in earnings of joint venture | — |  |  | — |  |  | — |  |  | 2,388 |  |  | — |  |  | 2,388 |
Interest expense, net | — |  |  | (13,788 | ) |  | (5,792 | ) |  | (877 | ) |  | — |  |  | (20,457 | )
Other income (loss), net | — |  |  | 57 |  |  | 13 |  |  | (5,569 | ) |  | — |  |  | (5,499 | )
Income (loss) before income tax expense | 28,502 |  |  | (7,835 | ) |  | 37,115 |  |  | 62,924 |  |  | (88,543 | ) |  | 32,163 |
Income tax expense | — |  |  | 363 |  |  | — |  |  | 3,284 |  |  | — |  |  | 3,647 |
Net income (loss) | 28,502 |  |  | (8,198 | ) |  | 37,115 |  |  | 59,640 |  |  | (88,543 | ) |  | 28,516 |
Less net income attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | 14 |  |  | — |  |  | 14 |
Net income (loss) attributable to NuStar Energy L.P. | $ | 28,502 |  |  | $ | (8,198 | ) |  | $ | 37,115 |  |  | $ | 59,626 |  |  | $ | (88,543 | ) |  | $ | 28,502 |
Comprehensive income (loss) | $ | 28,502 |  |  | $ | (5,320 | ) |  | $ | 37,115 |  |  | $ | 68,745 |  |  | $ | (88,543 | ) |  | $ | 40,499 |
Less comprehensive income attributable to noncontrolling interest | — |  |  | — |  |  | — |  |  | 566 |  |  | — |  |  | 566 |
Comprehensive income (loss) attributable to NuStar Energy L.P. | $ | 28,502 |  |  | $ | (5,320 | ) |  | $ | 37,115 |  |  | $ | 68,179 |  |  | $ | (88,543 | ) |  | $ | 39,933 |
(a) | Non-guarantor subsidiaries are wholly owned by NuStar Energy, NuStar Logistics or NuPOP.
Condensed Consolidating Statements of Cash Flows For the Three Months Ended March 31, 2012 (Thousands of Dollars)
| NuStar Energy |  | NuStar Logistics |  | NuPOP |  | Non-Guarantor Subsidiaries (a) |  | Eliminations |  | Consolidated
Net cash provided by (used in) operating activities | $ | 88,503 |  |  | $ | 5,831 |  |  | $ | 13,470 |  |  | $ | (28,340 | ) |  | $ | (89,077 | ) |  | $ | (9,613 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (75,008 | ) |  | (2,285 | ) |  | (22,991 | ) |  | — |  |  | (100,284 | )
Acquisitions | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Investment in other long-term assets | — |  |  | — |  |  | — |  |  | (94 | ) |  | — |  |  | (94 | )
Other, net | — |  |  | 135 |  |  | 7 |  |  | 22 |  |  | — |  |  | 164 |
Net cash used in investing activities | — |  |  | (74,873 | ) |  | (2,278 | ) |  | (23,063 | ) |  | — |  |  | (100,214 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |
Debt borrowings | — |  |  | 510,548 |  |  | — |  |  | — |  |  | — |  |  | 510,548 |
Debt repayments | — |  |  | (260,374 | ) |  | (250,000 | ) |  | — |  |  | — |  |  | (510,374 | )
Senior note offering, net | — |  |  | 247,408 |  |  | — |  |  | — |  |  | — |  |  | 247,408 |
Distributions to unitholders and general partner | (89,076 | ) |  | (89,076 | ) |  | — |  |  | (9 | ) |  | 89,085 |  |  | (89,076 | )
Payments for termination of interest rate swaps | — |  |  | (25,358 | ) |  | — |  |  | — |  |  | — |  |  | (25,358 | )
Net intercompany borrowings (repayments) | 838 |  |  | (312,383 | ) |  | 238,808 |  |  | 72,745 |  |  | (8 | ) |  | — |
Other, net | (269 | ) |  | (3,598 | ) |  | — |  |  | 639 |  |  | — |  |  | (3,228 | )
Net cash provided by (used in) financing activities | (88,507 | ) |  | 67,167 |  |  | (11,192 | ) |  | 73,375 |  |  | 89,077 |  |  | 129,920 |
Effect of foreign exchange rate changes on cash | — |  |  | 1,881 |  |  | — |  |  | (1,775 | ) |  | — |  |  | 106 |
Net (decrease) increase in cash and cash equivalents | (4 | ) |  | 6 |  |  | — |  |  | 20,197 |  |  | — |  |  | 20,199 |
Cash and cash equivalents as of the beginning of the period | 139 |  |  | 14 |  |  | — |  |  | 17,344 |  |  | — |  |  | 17,497 |
Cash and cash equivalents as of the end of the period | $ | 135 |  |  | $ | 20 |  |  | $ | — |  |  | $ | 37,541 |  |  | $ | — |  |  | $ | 37,696 |
(a) | Non-guarantor subsidiaries are wholly owned by NuStar Energy, NuStar Logistics or NuPOP.
Condensed Consolidating Statements of Cash Flows For the Three Months Ended March 31, 2011 (Thousands of Dollars)
| NuStar Energy |  | NuStar Logistics |  | NuPOP |  | Non-Guarantor Subsidiaries (a) |  | Eliminations |  | Consolidated
Net cash provided by (used in) operating activities | $ | 79,041 |  |  | $ | 23,162 |  |  | $ | 13,552 |  |  | $ | (201,929 | ) |  | $ | (79,624 | ) |  | $ | (165,798 | )
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |
Capital expenditures | — |  |  | (45,340 | ) |  | (430 | ) |  | (27,476 | ) |  | — |  |  | (73,246 | )
Acquisition | — |  |  | — |  |  | — |  |  | (52,577 | ) |  | — |  |  | (52,577 | )
Investment in other long-term assets | — |  |  | — |  |  | — |  |  | (636 | ) |  | — |  |  | (636 | )
Investment in subsidiaries | (57,300 | ) |  | — |  |  | (56,727 | ) |  | (56,727 | ) |  | 170,754 |  |  | — |
Other, net | — |  |  | — |  |  | 13 |  |  | 45 |  |  | — |  |  | 58 |
Net cash used in investing activities | (57,300 | ) |  | (45,340 | ) |  | (57,144 | ) |  | (137,371 | ) |  | 170,754 |  |  | (126,401 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |
Debt borrowings | — |  |  | 375,280 |  |  | — |  |  | — |  |  | — |  |  | 375,280 |
Debt repayments | — |  |  | (113,994 | ) |  | — |  |  | — |  |  | — |  |  | (113,994 | )
Distributions to unitholders and general partner | (79,616 | ) |  | (79,616 | ) |  | — |  |  | (8 | ) |  | 79,624 |  |  | (79,616 | )
Contributions from (distributions to) affiliates | 57,300 |  |  | (57,300 | ) |  | 56,727 |  |  | 114,027 |  |  | (170,754 | ) |  | — |
Net intercompany borrowings (repayments) | 575 |  |  | (203,572 | ) |  | (13,135 | ) |  | 216,132 |  |  | — |  |  | — |
Other, net | — |  |  | (263 | ) |  | — |  |  | (881 | ) |  | — |  |  | (1,144 | )
Net cash (used in) provided by financing activities | (21,741 | ) |  | (79,465 | ) |  | 43,592 |  |  | 329,270 |  |  | (91,130 | ) |  | 180,526 |
Effect of foreign exchange rate changes on cash | — |  |  | 5,002 |  |  | — |  |  | (4,013 | ) |  | — |  |  | 989 |
Net decrease in cash and cash equivalents | — |  |  | (96,641 | ) |  | — |  |  | (14,043 | ) |  | — |  |  | (110,684 | )
Cash and cash equivalents as of the beginning of the period | 53 |  |  | 107,655 |  |  | — |  |  | 73,413 |  |  | — |  |  | 181,121 |
Cash and cash equivalents as of the end of the period | $ | 53 |  |  | $ | 11,014 |  |  | $ | — |  |  | $ | 59,370 |  |  | $ | — |  |  | $ | 70,437 |
(a) | Non-guarantor subsidiaries are wholly owned by NuStar Energy, NuStar Logistics or NuPOP.

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- Definition Tabular disclosure of the condensed financial statements (balance sheet, income statement and statement of cash flows). If condensed consolidating financial statements are being presented, other domain members (in addition to parent) such as guarantor subsidiaries, non-guarantor subsidiaries, and the consolidation eliminations, will be included in order that the respective monetary amounts for each of the domains will aggregate to the respective amounts on the consolidated financial statements. The line items are the various captions used to compile the condensed financial statements. Using extensions, most, if not all, of the elements representing condensed financial statement captions will be the same as those used for the consolidated financial statements captions. + References No definition available. + Details
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